International Development Bank for Investment and Finance

On 15 October 2026 OFAC designated the International Development Bank for Investment and Finance, which trades as the Iraq Development Bank, under Executive Order 13902. It issued General Licence FF the same day, letting counterparties wind down dealings with the bank until 30 October. The move came 15 days after the last US troops flew out of Erbil.

Treasury says Iranian companies set the bank up to supply Iran with dollars, that it abused its access to the now-dissolved US dollar wire auction, and that it sends profits to Iran each month in dollars. It says Bank Melli's Iraqi branch moved its capital to the bank when the branch closed. The bank's owners received it from a dual Iranian-Iraqi financier working for the IRGC-Quds Force, Treasury says.

The designation formed part of Operation Economic Outcast, Treasury's 15 October action against Iranian shadow banking.